♪ >> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily:

-- caroline: what about the future of space investments, so kathy wants is here to discuss kit big tech earnings season is in full swing. forecasts describe the growth waiting on the stocks. first, another great accomplishment in the billionaire space race. bezos and three others landed space for blue origins first flight to space with passengers aboard with an altitude of more than 62 miles. it is a milestone for the company that aims to make space tourism viable. what a day. emily: caroline, you could not have written a more poetic and to this chapter in jeff bezos's history. this is a dream multiple decades in the making for him, 21 years in the making for blue origin,

and ever way you look at it, this was a successful launch. he made history today. he pulled it off. he proved that blue origin can save -- take humans to space safely. we got to walk -- watch from the vantage point. it was surreal. it was nerve-racking. it was breathtaking. after they came down to earth, i got the first interview with jeff bezos and his brother. it was a special moment. welcome back to earth. how do you feel? wow. wow. this is your first interview since landing. we all want to know the reality of seeing the earth from above. did it live up to the dream? jeff bezos: honestly, i am not talented enough to describe this in words. it was much more than i

expected. it is awe-inspiring. do you have words? mark bezos: i don't have words. it was one of the most beautiful sites i've ever seen. emily: what is the next move? how does that spit into the long-term vision? jeff bezos: an orbital vehicle. new shepard is our suborbital vehicle. we will fly it over and over. his practice for the orbital mission. it gives people a chance to see what we saw. the fragile, beautiful earth. you cannot imagine it. until you see it with your own eyes, i don't know. what i can tell you is it is this thing you cannot tell. you can see it is one place. there is no boundaries. no national lines. nothing. the atmosphere. we see this thing, earth's atmosphere, it is so big. it seems gigantic. you see it is this teensy thing we need to protect. i don't know.

for me, it was incredible. mark bezos: i was surprised how easy it was to move around in zero g. jeff bezos: it felt almost normal, like we were about to be in zero g. emily: people are wondering why we are investing in space. tell you top -- tell us how thi s will benefit us. jeff bezos: we are building a road to space. this is the most beautiful planet in the solar system. we have to keep it safe and protected and the way to do that is slowly, over decades, to move all heavy industry and polluting industry out into space. that is what we will do so we can keep the planet jim that it is. we need reusable spacecraft to do that and lacrosse spacecraft. that is what the tourism mission is about.

emily: how do you want this to inspire the kids? jeff bezos: every kid has so much potential. i hope what we are doing is unlocking that. for kids ever work, the way you unlocked potential is with inspiration. i was inspired as a little boy by the apollo astronauts and this is the next phase of commercial space development and i hope that inspires little kids. emily: by the way, the first person to half -- have him after the flight was his mother. i sympathize as a mom. we got to go with him to the landing pad. we saw where the rocket touchdown and the key is reusability. rocket is ready to go up again. i said, what are you going next? he said tomorrow. he was clearly in a jubilant mood. i want to bring in ed ludlow,

who has been with us on the ground on the street savannah -- streets of vanhorn, texas. what is next for blue? what is the road to space towards them? they have a couple more flights planned this year. what else do we know? ed: two flights for the rest of the year. the space tourism business is supply constrained. the blue origin ceo with saying they were willing and playing -- paying customers out there. the auction went up to $28 million. we are still trying to get a sense of how blue origin would go about pricing and charging this. two missions this year. six paying customers on each. --they only have a couple of boosters. they need to build more. jeff was candid in that this was

part of a greater plan. emily: let's talk about the greater ambition. new shepard going up and down, taking turns to space, is one thing. new glenn is what they are working on now. it will be ready for the end of next year. it that will do orbital missions. much more like what spacex is working on when blue origin starts to do orbital missions, what does that mean? ed: since 2000, blue origin has fallen behind spacex. they were focused on spending -- sending paying customers to space. when it comes to orbital launches in him -- caring commercial payloads, spacex is about. spacex was awarded the lunar landing contract. blue origin has appealed that

decision. jeff bezos was talking about how this validates their technology. he says new shepard is overkill in terms of rocket technology that it takes to get to suborbital flight. they have to prove they can go beyond that and when those. emily: do you imagine the successful flight, the data that -- demonstration of force and technology puts blue origin in a better position with respect to nasa? ed: i am his face romantic. we have the world's richest and youngest and oldest astronauts and some guy called mark taking this flight. it proves who origin is a genuine player in the eyes of the public and those politicians and administrators that awardees contracts. they have good technology. what is going on over my shoulder where you are, they are not just sending out these rockets. their testing engines they are building for others and their

other technology and they have a roadmap to put those in the real world. or out of this world. emily: give us the outlets for from the streets of vanhorn, texas where people are proud throughout the town wishing them well. today, they pulled it off. ed: they have been sweet and sincere. one rancher who has been here his entire life has -- told me this was the most exciting thing to happen in his lifetime. this was a town of 2000 people with a couple of truck stops and there is nothing here, respectfully. they hoped blue origin would bring a space boom. it hasn't happened since 50 years ago but there is a genuine feeling it will. emily: one small step for jeff bezos. one giant leap for space exploration. an exciting day for the to -- town of vanhorn, texas.

a lot of emotion here. a lot of people are still processing this. we talked to employees on the ground and there in all. -- awe. today is a day to celebrate. caroline: what a poetic pair you are. thank you so much. quite the day for blue origin. quite a day for stocks. what a bounce back. emily: you saw green on the screen today. the biggest rally since march. i want to take it back to the blue origin story. you wouldn't have talked about this. it absolutely is. a risk on day in broader markets. that lifted amazon, tesla, but virgin galactic, down on the day. one of the few stocks down today. this in reaction to the lodge. you saw as jeff bezos was ascending, amazon prices soared

as well. dropping more tesla share prices and virgin galactic. lets you map for a second and see how some of the space etf's were doing. i want to point out some of those holdings, -- these are them. look at the green on the screen appeared all thinking they will thrive off the bloomberg -- space economy investment. i was going to say bloomberg is actually monitoring this on the bloomberg terminal and the bloomberg markets live blog. caroline: i want to thank you for that. we still have the investment in space. just discussing, could be seen as high risk. we talked to an analyst about the company's debt.

up next. we have to talk about netflix shares and the streaming tighten reversing offers. the forecast is described as missed estimates. we dig into the core after the show. stay with us. this is bloomberg. ♪

♪ emily: welcome back to bloomberg technology. i am live in vanhorn, texas, or jeff bezos has it off a safe and successful launch, shuttling human beings to space for the very first time, landing without a hitch. when he got to the ground, he

talked to us about building a road to space. building out a future space economy. what does that mean for investing? let's talk about that. i want to bring you an analyst in industrial innovation. so curious for your thoughts on this and what this means for the investment community. was at a successful launch? when it comes to putting your money somewhere, placing bets, now that jeff bezos has pulled this off, where are you looking? guest: you have blue origin, a successful launch. virgin galactic was successful. spacex is taking humans to the international space station. what better way to show that we are in a new space-age? when we are looking at that, when we structured, we were trying to bucket into four different areas. we are looking at air and space. that is the rockets and satellites. sub-orbital air and space, you have space tourism. high flying drones acting is satellites.

you have technologies coming together. you have 3d printing making it possible. you have energy storage, which is super important. you have deep learning and artificial intelligence for these autonomous droids. you have the airspace beneficiaries. these are the companies that are going to benefit on earth from all of the space activity going on. that is how we think about construction of portfolios. emily: bezos told me repeatedly to date this is not about escaping earth. it is about protecting earth. he believes this is the best planet and where we are going to live forever. we will run out of resources and need to tap them in space. all our. water from the moon. that is a different vision than what elon musk has foot does put forward. perhaps earth will become inhabitable. we will need to move to mars. i know that kathy would is a fan of elon musk. do you see those visions being

at odds and how does that influence your strategy? sam: i do not think they are at odds. i think if we look at that today, the internet is becoming more of a basic human need. right now, happy earth's population -- 3 billion people -- do not have access to the internet. one way to bring them affordable internet is through satellite internet. i think a lot of memes get put out there about millionaires going to space but all this activity is driving down costs and it is going to enable very affordable internet for the global population. i do not think we can overstate that importance. emily: let's talk about cost. the tip of the iceberg's face tourism. that is what virgin galactic is focused on. it is a small part of what blue origin is focused on but just the beginning. it is a way to make money at least in the short term. what you think -- what do you

think of a market for spaceport is him and at what cost for a ticket? sam: sure. a lot of framing of space tourism gets put into the fact that people will spend 1% of their network on an incredible experience. going to space, i think, would sit in that category. when you look at that, you need to bring costs down to roughly $50,000 per ticket for space tourism to become, you know, an inflection point where more people can do it. i think jeff bezos agree spaceport is him is kind of just a way to test technology. it is a good way to commercialize it. he is overpowering it. what we see is this opportunity for hypersonic point-to-point transportation. that is not just going up for a few minutes and coming back to the same spot. that would be going from new york to japan in a few hours. we think over the medium-term, that can be a 270 billion dollar

revenue opportunity annually. or you look at the satellite internet opportunity and that could be $40 billion in revenue annually. space tourism is the first step, not the main opportunity. emily: so much of the vision is hundreds of years out. bezos made it clear some of these things will not happen in our generation or our kids generation or our children's children. how do you balance making investments for a vision that is so far away versus what can actually benefit us here in the near term? sam: there is a hundred year vision but with technology, it is moving incredibly quickly. if you go back five years ago, no one would have said we could've had a reasonable rocket. here we are today were rocket landings are becoming commonplace. if we look at the active satellites orbiting earth, roughly half of those are spacex

star linked satellites. this is happening very quickly. i think the benefits we are going to see from it will happen far faster than people think. if you go back 10, 15 years, the cost to get any mass to orbit was in the tens of thousands of dollars. roughly $12,000 to lower orbit. with spacex, that comes down to $2000. with the next generation of rockets, it could come down to $200. all of this is in the five-year timeframe. we think these opportunities we are investing in, it is longer term than investing for the next quarter but it does take the longer term time horizon of five years and we will see an enormous amount of opportunity and commercialization in space in that timeframe. emily: all right. it certainly is exciting to talk

about. appreciate you taking the time to join us. we will have much more on this windy day. successful launch for jeff bezos's when we return. ♪

♪ caroline: concerning news from the cdc. on tuesday, the delta variant makes up 83% of covid cases in the u.s. is the growing concern that prompted some companies to rethink their return to work plants, including apple. the automaker is delaying its office return deadline by a month. talk to us about what the return plans have been and what they now look like.

guest: apple had been aiming for all employees back to the office by the beginning of september. on a plan that would see employees on the office on mondays, tuesdays, and thursdays with remote work for some employees on wednesdays and fridays. now, they are delaying the return to offices until october 1 at the earliest. a one-month delay. my understanding is this is an indefinite delay and apple will give staff a one-month month notice before the return is required. emily: are they rethinking the plan, the model in place in terms of the seven days -- certain days working and certain remote? caroline: as of now, that three-day plan, today remote plan is in place. this is a hybrid plan they will launch upon the return and it will going -- last into 2022. apple will real evaluate what can be done -- re-evaluate what

can be done. i think a lot of that is dependent on employee feedback and with the covid-19 situation. caroline: it almost felt like apple stores were almost the arbiter of where we were in the covid journey and apple's decision-making on opening and shutting. where are we in the store process? what is particle like? mark: i have bad news for you. after about a month, apple is having masks back on as a requirement for many retail store employees. half the stores across the u.s. will require retail store employees to wear masks. after dropping the requirement in mid-june. they're urging the mask requirement for the rest of the retail staff globally.

required in some states. strongly recommended elsewhere. caroline: the global nature. returning to office. it is that looking the same? mark: it is the same globally. that october, september date, the timeframe, it is the deadline. it was when the last time you were able to come in to meet the requirements. their office is in asia. the asia-pacific area. those are already pretty much built up. it is silicon valley where you're seeing engineers concerned about returning. caroline: always scoop after scoop. we thank you. coming up, no royal treatment for netflix. the streaming giant forecasts sluggish growth. we will dive into the numbers after the break. >> we are here at the landing pad and this is the rocket that took jeff bezos to space and he hopes millions will follow him. caroline: we will head back to

vanhorn for more about blue origin's successful space launch and what it means for the future of space tourism. this is bloomberg. ♪

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caroline: this is "bloomberg technology." let's get more calls from big earnings. >> 1.5 million subscribers last quarter. compared to 1.1 million estimate. the real game changer is what is happening next quarter. when those earnings hit, you saw a little bit of a drop the estimate being 5.9 million. netflix only saying that quarter they seek 3.5. that tang to the stock. until recently, we started seeing losses recouped in after-hours trading. i want to show you what happened with some of its competitors.

this is some charting of its competitors. disney, comcast, viacom all involved in streaming services. during the day, they held up paired netflix going into the earnings story. started to see their stock drop -- started to see their stock drop. we did start to see some of these names trade in sympathy. does that continue to tomorrow? we will have to wait and see. i do want to broaden it out into some of the other sectors of tech. today was a risk on day. when it came to tech, it did not discriminate. we did see the nasdaq 100 much higher. not as big as some of its cyclical names. 1.2% gain is nothing to scoff at. that came down to semiconductors, biotech stocks, even the chinese adrs. those had been under pressure because of the regulatory scrutiny today attracted investors.

caroline: crypto still down to -- crypto still down. always great to get her analysis. netflix shares down, now managing to push back higher. we are still worrying about the subscriber forecast. 5.8 million. they are getting a guidance of 3.5 million coming from netflix. it was conservative, but is this more than we are expecting? andre is with us to discuss his earnings report. i know you are a man who thinks it should not be all about subscriber growth but were you taken aback by the futures forecast? >> i was a little bit in terms of i think everybody has known that the international is where the growth opportunity has been for the better part of two years. 2020 because of the covid the domestic number was inflated. the bigger concern is that netflix needs to diversify and revenue stream. they were the first mover all

the way back when it came to bbb and streaming. then international. they have been lagging behind the other competitors. in terms of ways to diversify the revenue stream. with the subscriber numbers, a wider speed is more concerned about that. caroline: to see 400,000 subscribers lost in the second quarter in north america is something to make you listen. they have been starting to hint at ways of diversifying. they are offering gaming. a story that was broken by bloomberg. what you think about that? as you say, they are a little bit behind. >> the move to gaming is one i have been talking about for some time. the general strategy myself and others have shared is that gaming was a natural evolution for netflix because of the shift the cloud gaming and streaming. another way to diversify would be adding a cheaper ad supported here. one concern i would have, normally they are the first

mover. everything they have been successful at. from the founding of the company. they have been able to outspend others. when it comes to these streams and gaming, they are the last to do so. they are not going to be able to outspend soft and amazon and others in the states. will they have to acquire a gaming studio or do other things to make that more of a viable expansion opportunity? caroline: why don't you think they can't outspend? what stops them being able to catch up organically? >> what we have seen over the same time in 2021 where there subscriber growth has dramatically slowed, you have seen other diversified media companies. comcast, viacom, cbs and others that have ad supported solutions

as well as solutions have massive growth. not only in subscribers but add dollars and add revenue. time spent. many other revenue streams as well. the concern is with everybody else starting to see more and more time and audience from streaming solutions, there is more motivation for competitors to spend more. then competitors have other revenue streams. netflix spends 12 billion. what is to stop amazon from spending 13? i don't think that -- it was ok to get into that arms race when other people were not really playing five years ago and they were spending against themselves. now there is a ton of competition from companies that are ready to take the next step. caroline: let's talk about diversification. not just in offering it to gaming but you talk about this

ad model. i immediately start to think about spotify where he could have these two lawyers. the cheaper version and the premium version. spotify have getting more into podcast. what do you make of other areas in which netflix can diversify its revenue? >> i think the trifecta would be for netflix to be a behemoth when it comes to the watch, listen play strategy. they are already the leader in terms of watch. listening would be music. they have a massive consumer base all over the world. the play is there are more gamers and more time spent and attention and revenue in gaming then tv and music combined. that is something they have already shown they are getting into. with the ability to distribute content over the internet all over the world. i feel like they are missing out on lots of revenue opportunity

and trickling down on their core competency. that did not work well for blockbuster. caroline: i am sure they know the blockbuster story. having seen it unfold in front of their eyes. what is your take on the global story? when you're looking at the numbers, a bit of a slow down. latin america as well. i thought these were the areas where they should be showing strength. >> what you are also seeing is in these markets, there are local players that have the rights to a lot of the local in language content. that has put over the last few years a lot of pressure on netflix to produce original content in those markets, which they have done quite well at and had some huge success and able to bring back some of that content domestically. some of these markets, you are seeing, which i think is concerning, you are seeing less opening up post-covid then you have in the u.s. -- post-covid

than you have in the u.s. even though there is a lot of lockdown and economy in these markets, it would also be a slight concern. caroline: really interesting stuff. still waiting for the next iteration of that to come on to their screens soon. great to have some time with you. want to talk about another story. the white house has confirmed president biden will name a long-term google critic as head of the justice department's antitrust division. it is the latest sign the administration is preparing a broad crackdown on big tech. we know jonathan kanter has been anti-alphabet for years. what does that mean for big tech? >> the most immediate consequence if he is confirmed to that position is this

existing antitrust lawsuit against google that has been filed by the federal government, which is going after their search business and cutting deals with apple and other companies for distribution . i think that would be the first battlefield he would fight this fight on. there is another lawsuit that could be refiled against facebook. there are a lot of issues that are bubbling up. that will be an immediate charge if he is confirmed. caroline: let's lineup the timelines for all of these things because we felt for a long-term view administration is serious -- for a long time this administration is serious about antitrust. we think it is going to be all focus and then the ftc backs away, pushed away in terms of its focus on facebook. what is the most eminent antitrust threat facing some of

these big tech right now? >> if you are looking at processes, you look at the ftc and look at congress, it takes longer time for them to act. on the ftc, you need a majority of the five-member panel to move ahead with actions. congress can take even longer to pass new antitrust laws into effect that would impact technology companies. the justice department, the antitrust chief has a wide latitude to file lawsuits to push ahead with litigation against these companies. i would think you would look to that division for the most immediate action on some of these issues facing big tech companies. caroline: interestingly, alphabet rose 1.3%. investors not worried about it. we continue our conversation about the future of the space industry. the ceo of a 3d rocket printing start up.

he started out at blue origin. that is next. this is bloomberg. ♪

emily: i'm emily chang live in west texas where jeff rizzo's -- jeff bezos has achieved a victory of historic or portions, launching and landing a rocket carrying humans for the first time. this was a journey 21 years in the making. many blue origin employees worked very hard over all those years to make this dream a

reality. one of them was tim ellis who worked at blue origin for several years, then went on to found his own company. tim ellis, ceo of relativity joining us now to reflect on what we saw here today. i am so curious for you as a blue origin employee, former blue origin employee who knows so much about what went on the behind the scenes. what was it like for you to watch this today? >> it was a pretty awesome moment. i first started as an intern at blue origin. i interned three times back to back to back. the whole company was only about 150 people at the time. because of the small size, i have kept in touch. even came out to visit us not too long ago at relativity. i have been a huge fan ever since i left. it really is amazing not just to see blue origin fly but also virgin galactic a little before.

two pretty huge human spaceflight milestones right next to each other. pretty amazing. emily: what did this all mean? having worked here, understanding how jeff bezos thinks, when he landed, he articulated to me building a road to space. building a space economy and a way to protect the earth. what do you imagine the next move for blue origin will be? what is the next priority? >> definitely the new shepard program and jeff has made a bold move to fly on the human capital flight. this has been in testing for a long time. they are also developing a an orbital rocket, which is to be reusable for the first stage. it is a heavy lift rocket they are launching from cape canaveral. that is going to be a huge milestone. to your point on vision, i have

talked to jeff and heard him speak about having millions of people living and working in space and moving heavy industry off planet earth. that is what inspired me to start relativity, was this idea that we need to actually build an industrial base on mars and on other planets and this is an important vision to go out there. there is a lot of conversation around this, that this is just billionaires launching themselves into space and there are so many problems on earth. you do as a species have to think about what is the future vision of humanity and what is this all about? it is worthwhile to have a small fraction of resources going to making this future in space happen. emily: the key to building up the space economy is obviously reusability. i know it occurred to you while you were working here. you're focused on 3d printing

rockets. if you can achieve that, what would that pave the way for? how would that go toward building out the future space economy? >> i think 3d printing and usability are not mutually exclusive. relativity is designing a fully reusable entirely 3d printed rocket. the first stage and second stage will be used. a rocket that is currently nearly complete. a 16 foot diameter dome. 3d printing is at the forefront of software driven manufacturing. i see it as an automation technology. i started the program at blue origin before i started relativity. they are doing amazing things with 3d printing. i saw the future of being a whole new tech stock for aerospace. if we could print not just parts

of the rocket and the entire thing and build a whole new way of doing things, this would be the future of space and seeing that happen much faster. going from raw materials to the rocket complete in less than 60 days is the target i have set for the team and we are going to achieve that over the next couple years. emily: if there is one thing we have learned about space is that these milestones take a long time to hit. if you go back in space development history, we are going back decades. i'm curious if there were times while you were working when you thought this is so hard. i don't know if we can pull it off. if you have those moments today working on such difficult technology where we are -- literally lives are at stake. >> for sure, it is hard at a challenging. i think that is partially what draws the best engineers to making the space industry happen.

at blue origin, i always felt that jeff and the team were going to get it done. i was really confident about it. that was why i decided to work there. today is a huge milestone i hope they are celebrity hard. -- celebrating really hard. there was a ton of hard work. i think over the last couple years the pace of milestones in the rocket industry, satellites, companies getting private funding from venture capital has accelerated to a pace not seen before. i think that will continue as long as people execute. i think it is bringing that silicon valley in those into an aerospace world where we test things, try things out very quickly. it is about trying new ideas. you are seeing that payoff now with the pace of innovation that is happening. emily: we are certainly seeing the private rocket industry taking off so to speak. ceo of relativity. tim ellis.

thank you for sharing your perspective with us. we will have more on the historic trip to space from texas after the break. this is bloomberg. ♪

>> people say what in the world is this doing for us on our lives, on the face of the earth? look at all the spinoffs. look at all the discoveries. look at all the new technology that improves our lives. there is a lot of spinoffs coming from the space program. caroline: nasa administrator bill nelson outlined the benefits of this renewed interest in space exploration. emily chang was able to watch jeff bezos head to space.

the excitement seemed so palpable. emily: the excitement was palpable. you definitely held your breath for a moment. the rocket took off. there was a moment where i was just watching it and it occurred me -- it occurred to me jeff bezos and through other people were on the rocket and where they going to make it? it was intense and it went so fast. this is an 11 minute trip up and down after two and a half minutes, the separation and the capsule is going onward and upward into space. i liken it to a roller coaster but twice as long. it was quick. i want to know from brad because he has been covering amazon in jeff bezos since 1999 when it was a shell of an online bookstore. what was taking in that moment like for you? >> i agree it was electric. it was a great day for blue origin.

the eyes of the world were on the company. i am struck by how blue origin desperately needed this day. this is a 20-year-old company. it has been working on a suborbital spaceship for more than 15 years and did not have a lot to show for it. today was a validating. it puts the origin back in the game. that is a game where spacex has dominated the past few years. emily: given you have written a couple books about amazon and jeff bezos, the big question is what is next for him? he talked about spending a lot of time on blue origin. what you think the next chapter of the journey will be? >> he pledged $8 billion. i think it is a solution is him. looking at the biggest problem and having a face for technology

to solve them. we are going to see a lot of bold swings and in his personal life, he is building this yacht. he seems to be moving into a stage of his career where he just wants to do big things. caroline: emily, you made it personal in that way asking that question of him. you as a mother of four, him hugging his own mother. it was a deeply emotional moment and probably terrifying. there has also been this deep criticism of billionaires racing each other and what that money could be spent on. how do you feel he fended off that criticism? emily: he insisted over and over this was not about escaping earth. this was about improving earth. it is not about going to mars or living on another planet. it is about tapping resources and the solar system whether it is solar energy or water from the moon to power the future we want on the most beautiful planet that we know.

i thought it was interesting -- brad and i were in this press conference today. i'm curious of what you thought about him giving away all that money at the end. what did you make of that? >> i think he is at a moment in his career where he has accepted the criticism of alien ours. he is looking to create solutions. he has been -- how public discourse has turned dysfunctional. emily: would you take a seat? would you take a seat if you were offered? caroline: definitely. i would have to negotiate with my husband and my kids. emily: brad? >> after today, i might consider it. they made it seem ready enticing. how about you? emily: i facetimed with my kids after the launch and i decided i

would have to wait a little longer. it was still an amazing day. caroline: we brought it all to life. thank you. what a long day. that is it from bloomberg technology. make sure you tune in tomorrow. we have somebody guest for you. this is bloomberg. ♪

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